The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
AGCO CORP COM 001084102 13,469 271,000 SH   DFND 1 271,000 0 0
AGRIUM INC COM 008916108 34,473 300,625 SH   DFND 1 300,625 0 0
ALAMOS GOLD INC. CL A 011532108 27,893 4,054,150 SH   DFND 1 4,054,150 0 0
ALLERGAN PLC COM G0177J108 13,495 50,350 SH   DFND 1 50,350 0 0
ALPHABET INC CL A 02079K305 50,651 66,393 SH   DFND 1 66,393 0 0
ALPHABET INC CL C 02079K107 136,864 183,723 SH   DFND 1 183,723 0 0
AMDOCS LTD COM G02602103 33,110 548,000 SH   DFND 1 548,000 0 0
AMERICAN EXPRESS COMPANY COM 025816109 64,390 1,048,700 SH   DFND 1 1,048,700 0 0
AMERICAN TOWER CORP COM 03027X100 26,751 261,314 SH   DFND 1 261,314 0 0
AMERICAN WATER WORKS CO INC COM 030420103 5,411 78,500 SH   DFND 1 78,500 0 0
AMERISOURCEBERGEN CORP COM 03073E105 60,369 697,500 SH   DFND 1 697,500 0 0
AVALONBAY COMMUNITIES INC COM 053484101 27,657 145,410 SH   DFND 1 145,410 0 0
B2GOLD CORP COM 11777Q209 11,050 5,115,580 SH   DFND 1 5,115,580 0 0
BAIDU INC ADR 056752108 466 2,440 SH   DFND 1 2,440 0 0
BARD C R INC COM 067383109 13,741 67,800 SH   DFND 1 67,800 0 0
BAYTEX ENERGY CORP COM 07317Q105 2,238 436,200 SH   DFND 1 436,200 0 0
BCE INC COM 05534B760 74,975 1,266,690 SH   DFND 1 1,266,690 0 0
BERKSHIRE HATHAWAY INC CL A 084670108 147,067 689 SH   DFND 1 689 0 0
BERKSHIRE HATHAWAY INC CL B 084670702 18,054 127,245 SH   DFND 1 127,245 0 0
BLOCK H & R INC COM 093671105 1,686 63,800 SH   DFND 1 63,800 0 0
BOSTON PROPERTIES INC COM 101121101 32,342 254,505 SH   DFND 1 254,505 0 0
BROOKFIELD ASSET MGMT INC. CL A 112585104 178,242 5,123,365 SH   DFND 1 5,123,365 0 0
BROOKFIELD INFRASTRUCTURE PARTNERS L.P. LP INT UNIT G16252101 88,192 2,093,336 SH   DFND 1 2,093,336 0 0
CANADIAN NATURAL RESOURCES LTD COM 136385101 1,405 40,000 SH   DFND 1 40,000 0 0
CANADIAN NATIONAL RAILWAY CO COM 136375102 185,774 2,288,985 SH   DFND 1 2,288,985 0 0
CANADIAN PACIFIC RAILWAY LTD COM 13645T100 37,599 217,900 SH   DFND 1 217,900 0 0
CARMAX INC COM 143130102 7,082 138,600 SH   DFND 1 138,600 0 0
CINEMARK HOLDINGS INC COM 17243V102 115,309 3,218,215 SH   DFND 1 3,218,215 0 0
CISCO SYSTEMS INC COM 17275R102 43,645 1,533,000 SH   DFND 1 1,533,000 0 0
CME GROUP INC COM 12572Q105 6,282 65,400 SH   DFND 1 65,400 0 0
COGNIZANT TECHNOLOGY SOLUTIONS CORP CL A 192446102 10,095 161,000 SH   DFND 1 161,000 0 0
COMCAST CORP CL A 20030N101 153,719 2,516,683 SH   DFND 1 2,516,683 0 0
CPI CARD GROUP INC COM 12634H101 3,812 462,600 SH   DFND 1 462,600 0 0
CRESCENT POINT ENERGY CORP COM 22576C101 23,133 1,286,587 SH   DFND 1 1,286,587 0 0
CRH MEDICAL CORP COM 12626F105 1,622 379,000 SH   DFND 1 379,000 0 0
CROWN CASTLE INTERNATIONAL CORP COM 22822V101 16,109 186,230 SH   DFND 1 186,230 0 0
CROWN HOLDINGS INC COM 228368106 89,465 1,804,100 SH   DFND 1 1,804,100 0 0
CST BRANDS INC COM 12646R105 34,183 892,734 SH   DFND 1 892,734 0 0
CSX CORP COM 126408103 127,224 4,940,740 SH   DFND 1 4,940,740 0 0
CVS HEALTH CORP COM 126650100 226,090 2,179,600 SH   DFND 1 2,179,600 0 0
DELPHI AUTOMOTIVE PLC COM G27823106 5,900 78,646 SH   DFND 1 78,646 0 0
DISNEY WALT CO COM 254687106 23,884 240,500 SH   DFND 1 240,500 0 0
ENBRIDGE INC COM 29250N105 45,641 902,705 SH   DFND 1 902,705 0 0
EQUITY RESIDENTIAL INT 29476L107 27,761 370,000 SH   DFND 1 370,000 0 0
EXELON CORPORATION COM 30161N101 5,546 154,650 SH   DFND 1 154,650 0 0
EXPRESS SCRIPTS HOLDING CO COM 30219G108 114,956 1,673,550 SH   DFND 1 1,673,550 0 0
FEDERAL REALTY INVESTMENT TRUST INT 313747206 14,576 93,405 SH   DFND 1 93,405 0 0
FEDEX CORPORATION COM 31428X106 13,294 81,700 SH   DFND 1 81,700 0 0
FIDELITY NATIONAL INFORMATION SV COM 31620M106 4,495 71,000 SH   DFND 1 71,000 0 0
FIRST REPUBLIC BANK/CA COM 33616C100 22,324 335,000 SH   DFND 1 335,000 0 0
FORTUNA SILVER MINES INC COM 349915108 6,870 1,357,700 SH   DFND 1 1,357,700 0 0
GENERAC HLDGS INC COM 368736104 1,598 42,900 SH   DFND 1 42,900 0 0
GENERAL GROWTH PROPERTIES INC COM 370023103 36,207 1,217,849 SH   DFND 1 1,217,849 0 0
GILEAD SCIENCES INC COM 375558103 17,711 192,800 SH   DFND 1 192,800 0 0
GOLDEN STAR RES LTD CDA COM 38119T104 16,576 28,094,100 SH   DFND 1 28,094,100 0 0
GRAN TIERRA ENERGY INC COM 38500T101 2,557 784,300 SH   DFND 1 784,300 0 0
CGI GROUP INC CL A 39945C109 869 14,000 SH   DFND 1 14,000 0 0
HD SUPPLY HOLDINGS, INC. COM 40416M105 207 6,250 SH   DFND 1 6,250 0 0
HEALTHSOUTH CORP. COM 421924309 224 5,965 SH   DFND 1 5,965 0 0
HSBC HOLDINGS PLC 5.625% 12/29/2049 NOTE 404280AR0 1,008,630 10,500,000 SH   DFND 1 10,500,000 0 0
HUDBAY MINERALS INC COM 443628102 404 84,850 SH   DFND 1 84,850 0 0
INTERNATIONAL FLAVORS & FRAGRANCES INC COM 459506101 7,315 64,300 SH   DFND 1 64,300 0 0
JARDEN CORP. COM 471109108 88,036 1,493,400 SH   DFND 1 1,493,400 0 0
JOHNSON & JOHNSON COM 478160104 11,859 109,600 SH   DFND 1 109,600 0 0
JPMORGAN CHASE & CO COM 46625H100 159,840 2,699,080 SH   DFND 1 2,699,080 0 0
KINDER MORGAN INC COM 49456B101 9,151 512,347 SH   DFND 1 512,347 0 0
KLONDEX MINES LTD COM 498696103 74,674 21,519,800 SH   DFND 1 21,519,800 0 0
LABORATORY CORP OF AMERICA HOLDINGS COM 50540R409 42,284 361,000 SH   DFND 1 361,000 0 0
LAKE SHORE GOLD CORP COM 510728108 45,843 24,255,400 SH   DFND 1 24,255,400 0 0
LIBERTY GLOBAL PLC CL C G5480U120 49,410 1,315,500 SH   DFND 1 1,315,500 0 0
LIVE NATION ENTERTAINMENT INC COM 538034109 24,809 1,112,000 SH   DFND 1 1,112,000 0 0
MACQUARIE INFRASTRUCTURE CORP. COM 55608B105 35,491 526,258 SH   DFND 1 526,258 0 0
MAGNA INTERNATIONAL INC COM 559222401 176,691 3,164,800 SH   DFND 1 3,164,800 0 0
MANULIFE FINANCIAL CORPORATION COM 56501R106 841 45,750 SH   DFND 1 45,750 0 0
MARKEL CORP COM 570535104 28,887 32,400 SH   DFND 1 32,400 0 0
MASTERCARD INC CL A 57636Q104 141,708 1,499,560 SH   DFND 1 1,499,560 0 0
MCDONALD'S CORP COM 580135101 6,824 54,300 SH   DFND 1 54,300 0 0
MCKESSON CORP COM 58155Q103 145,794 927,150 SH   DFND 1 927,150 0 0
MEDTRONIC INC COM G5960L103 173,927 2,319,030 SH   DFND 1 2,319,030 0 0
MICROSOFT CORP COM 594918104 100,215 1,814,500 SH   DFND 1 1,814,500 0 0
MONDELEZ INTL INC CL A 609207105 5,019 125,100 SH   DFND 1 125,100 0 0
MOUNTAIN PROVINCE DIAMONDS INC. COM 62426E402 2,222 457,200 SH   DFND 1 457,200 0 0
NEXTERA ENERGY INC COM 65339F101 8,995 76,011 SH   DFND 1 76,011 0 0
NIELSEN HLDGS PLC COM G6518L108 76,543 1,453,525 SH   DFND 1 1,453,525 0 0
NORFOLK SOUTHERN CORP COM 655844108 9,671 116,168 SH   DFND 1 116,168 0 0
NXP SEMICONDUCTOR NV COM N6596X109 12,839 158,372 SH   DFND 1 158,372 0 0
OMNICOM GROUP INC COM 681919106 91,261 1,096,490 SH   DFND 1 1,096,490 0 0
ORACLE CORP COM 68389X105 433,467 10,595,625 SH   DFND 1 10,595,625 0 0
PATTERN ENERGY GROUP INC CL A 70338P100 9,857 516,888 SH   DFND 1 516,888 0 0
PEMBINA PIPELINE CORP COM 706327103 65,447 1,864,055 SH   DFND 1 1,864,055 0 0
PENSKE AUTOMOTIVE GROUP INC COM 70959W103 47,627 1,256,661 SH   DFND 1 1,256,661 0 0
PRAXAIR INC COM 74005P104 32,778 286,400 SH   DFND 1 286,400 0 0
PRIMERO MINING CORP COM 74164W106 31,896 13,515,236 SH   DFND 1 13,515,236 0 0
PROGRESSIVE WASTE SOLUTIONS LTD COM 74339G101 299,932 7,427,748 SH   DFND 1 7,427,748 0 0
PROLOGIS INC COM 74340W103 37,374 845,940 SH   DFND 1 845,940 0 0
PTC INC COM 69370C100 207 6,250 SH   DFND 1 6,250 0 0
PUBLIC STORAGE COM 74460D109 2,265 8,213 SH   DFND 1 8,213 0 0
RAYMOND JAMES FINANCIAL INC COM 754730109 2,666 56,000 SH   DFND 1 56,000 0 0
RAYTHEON CO COM 755111507 503 4,100 SH   DFND 1 4,100 0 0
REPUBLIC SERVICES INC COM 760759100 366,741 7,696,561 SH   DFND 1 7,696,561 0 0
RICHMONT MINES INC COM 76547T106 9,157 1,250,900 SH   DFND 1 1,250,900 0 0
ROYAL BANK OF CANADA COM 780087102 2,863 38,250 SH   DFND 1 38,250 0 0
SANDSTORM GOLD LTD COM 80013R206 33,591 7,903,852 SH   DFND 1 7,903,852 0 0
SBA COMMUNICATIONS CORP COM 78388J106 17,027 169,985 SH   DFND 1 169,985 0 0
SCHOLASTIC CORP COM 807066105 1,850 49,500 SH   DFND 1 49,500 0 0
SEMPRA ENERGY COM 816851109 14,506 139,415 SH   DFND 1 139,415 0 0
SHAW COMMUNICATIONS INC CL B 82028K200 57,772 2,302,600 SH   DFND 1 2,302,600 0 0
SILVER STANDARD RESOURCES INC. COM 82823L106 13,065 1,807,081 SH   DFND 1 1,807,081 0 0
SIMON PROPERTY GROUP INC COM 828806109 63,403 305,275 SH   DFND 1 305,275 0 0
SL GREEN REALTY CORP COM 78440X101 17,146 176,980 SH   DFND 1 176,980 0 0
SPDR GOLD TRUST COM 78463V107 15,124 128,565 SH   DFND 1 128,565 0 0
STANTEC INC COM 85472N109 41,418 1,255,100 SH   DFND 1 1,255,100 0 0
SUN LIFE FINANCIAL INC COM 866796105 1,839 43,900 SH   DFND 1 43,900 0 0
SUNCOR ENERGY INC COM 867224107 1,249 34,520 SH   DFND 1 34,520 0 0
SYNOPSYS INC COM 871607107 233 4,800 SH   DFND 1 4,800 0 0
TAHOE RESOURCES INC. COM 873868103 21,224 1,630,109 SH   DFND 1 1,630,109 0 0
TD AMERITRADE HOLDING CORPORATION COM 87236Y108 2,147 68,100 SH   DFND 1 68,100 0 0
TE CONNECTIVITY LTD COM H84989104 12,660 204,465 SH   DFND 1 204,465 0 0
TELUS CORP COM 87971M103 659 15,575 SH   DFND 1 15,575 0 0
THOMSON REUTERS CORP COM 884903105 2,747 52,200 SH   DFND 1 52,200 0 0
TIMMINS GOLD CORP COM 88741P103 7,483 25,366,800 SH   DFND 1 25,366,800 0 0
TJX COS INC/THE COM 872540109 87,874 1,121,560 SH   DFND 1 1,121,560 0 0
TORCHMARK CORP COM 891027104 27,811 513,500 SH   DFND 1 513,500 0 0
TORONTO DOMINION BK COM 891160509 41,910 747,600 SH   DFND 1 747,600 0 0
TRANSCANADA CORP COM 89353D107 141,574 2,772,700 SH   DFND 1 2,772,700 0 0
UBS GROUP AG COM H42097107 9,144 590,290 SH   DFND 1 590,290 0 0
UNION PACIFIC CORP COM 907818108 79,257 996,318 SH   DFND 1 996,318 0 0
UNITED PARCEL SERVICE INC CL B 911312106 380,518 3,607,831 SH   DFND 1 3,607,831 0 0
UNITED TECHNOLOGIES CORP COM 913017109 51,853 518,010 SH   DFND 1 518,010 0 0
UNITEDHEALTH GROUP INC. COM 91324P102 117,299 910,000 SH   DFND 1 910,000 0 0
US BANCORP COM 902973304 126,969 3,128,075 SH   DFND 1 3,128,075 0 0
VALERO ENERGY CORP COM 91913Y100 23,283 363,000 SH   DFND 1 363,000 0 0
VARIAN MEDICAL SYSTEMS INC COM 92220P105 22,950 286,800 SH   DFND 1 286,800 0 0
VENTAS INC COM 92276F100 1,746 27,735 SH   DFND 1 27,735 0 0
VERISIGN INC COM 92343E102 66,184 747,500 SH   DFND 1 747,500 0 0
VERMILION ENERGY INC COM 923725105 9,747 256,425 SH   DFND 1 256,425 0 0
VISA INC CL A 92826C839 107,888 1,410,672 SH   DFND 1 1,410,672 0 0
VORNADO REALTY TRUST INT 929042109 1,478 15,655 SH   DFND 1 15,655 0 0
VWR CORPORATION COM 91843L103 226 8,350 SH   DFND 1 8,350 0 0
WEC ENERGY GROUP INC COM 92939U106 3,118 51,900 SH   DFND 1 51,900 0 0
WELLS FARGO & CO COM 949746101 135,770 2,807,495 SH   DFND 1 2,807,495 0 0
WILLIAMS COS INC/THE COM 969457100 6,887 428,545 SH   DFND 1 428,545 0 0
ZIMMER BIOMET HOLDINGS INC COM 98956P102 104,142 976,670 SH   DFND 1 976,670 0 0